HBO Max Makes Comeback as Warner Bros. Discovery Undergoes Historic Transformation

Major Shifts at Warner Bros. Discovery

Warner Bros. Discovery has announced a significant restructuring, splitting into two separate publicly traded companies – one focused on HBO Max streaming service and Warner Bros. studio, and the other centred around CNN and other television networks.

The Return of HBO Max

In May 2025, at Warner Bros. Discovery’s Upfront presentation in New York, the company announced that Max, their premier streaming platform, would be rebranded back to HBO Max this summer. The streaming service has shown remarkable growth, adding 22 million subscribers over the past year, with projections indicating it will reach over 150 million subscribers by the end of 2026.

Strategic Division and Leadership

The company will be divided into two distinct entities: a streaming and studios company, which will house HBO Max and movie properties, to be led by CEO David Zaslav, while current CFO Gunnar Wiedenfels will take the helm of the global networks business.

Content Strategy and Future Growth

The company’s evolution reflects a strategic refocus on programming that delivers the strongest results, including HBO content, recent box-office movies, docuseries, and select reality series. This shift acknowledges changing consumer preferences, with viewers demanding better, rather than more, content.

Financial Impact and Market Position

The current structure emerged from the 2022 merger between Warner Media and Discovery, bringing together various media assets. Since then, the company has been actively working to reduce its debt burden. While successfully repaying $19 billion, the company still carried nearly $34 billion in net debt at the end of the first quarter.

Global Expansion

The company is aggressively pursuing international growth, with HBO Max launching in 12 new markets this month. The streaming service is now available in 77 markets globally, with additional important market launches planned for 2026.